In opinion of Axel Rudolph, Senior Analyst at Commerzbank, the pair’s bullish stance remains intact while above the 1.2915/1.2885 band.
Key Quotes
“USD/CAD‘s rally off its October low at 1.2783 has taken it to its October high at 1.3169, very close to our 1.3175/1.3225 target zone we mentioned a month ago. It consists of the August and September highs and is still expected to be reached in the near future”.
“Further up the July high can be seen at 1.3289 and the June peak at 1.3386″.
“Slips should find support between the 55- and 200-day moving averages at 1.3026/1.2948″.
“Further support comes in between the August, September and mid-October lows at 1.2918/1.2885. While this area underpins we will retain our still bullish forecast”.
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